Albany International (NYSE:AIN) Updates FY24 Earnings Guidance

Albany International (NYSE:AIN) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $3.55 to $4.05 for the period, compared to the consensus estimate of $3.85. The company issued revenue guidance of $1.26 billion to $1.33 billion, compared to the consensus revenue estimate of $1.29 billion.

Albany International Stock Performance

AIN traded up $1.47 during trading on Tuesday, hitting $85.83. The stock had a trading volume of 113,853 shares, compared to its average volume of 144,500. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 24.35, a P/E/G ratio of 2.65 and a beta of 1.26. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.99 and a quick ratio of 3.20. The company has a 50 day moving average price of $86.66 and a 200-day moving average price of $89.05. Albany International has a one year low of $78.20 and a one year high of $99.41.

Albany International Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 8th. Stockholders of record on Friday, June 7th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, June 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.21%. Albany International’s dividend payout ratio (DPR) is currently 29.21%.

Analyst Upgrades and Downgrades

AIN has been the subject of a number of research analyst reports. Bank of America lowered their price target on Albany International from $95.00 to $90.00 and set an underperform rating for the company in a report on Wednesday, May 29th. Truist Financial lowered their price target on Albany International from $104.00 to $101.00 and set a buy rating for the company in a report on Wednesday, July 17th. JPMorgan Chase & Co. lowered their price target on Albany International from $98.00 to $96.00 and set a neutral rating for the company in a report on Friday, May 3rd. Finally, TD Cowen lowered their target price on Albany International from $106.00 to $95.00 and set a buy rating for the company in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $95.50.

About Albany International

Albany International Corp., together with its subsidiaries, engages in the machine clothing and engineered composites businesses. The company operates in two segments, Machine Clothing (MC) and Albany Engineered Composites (AEC). The MC segment designs, manufactures, and markets paper machine clothing for use in the manufacturing of papers, paperboards, tissues, towels, pulps, nonwovens, building products, tannery, and textiles, as well as fiber cement and several other industrial applications.